Affirm’s Earnings ‘Oopsie’

Affirm — the company which provides short-term, low-interest loans to customers of companies ordering goods online — reported earnings, and, well… it didn’t go very well. The buy-now-pay-later giant $AFRM plunged 21.45% in today’s session. 💩

EPS: $0.57/share 
Revenue: $361 million, +77% YoY (compared to $328.8 million expected)

Affirm accidentally announced its earnings early in a tweet which has since been deleted. The tweet said that Affirm’s sales increased by 77% and that the company would beat revenue expectations, which was correct.

The company’s CEO, Max Levchin, shared: “We more than doubled gross merchandise volume year over year. Over the last 12 months, we have added nearly seven million active consumers to our network, while enabling 168,000 merchant partners to better serve their customers.” 

Affirm shares surged immediately after the tweet, but have since plunged 21%. The tweet claimed “Another great quarter is in the books as we accelerated our growth,” followed by several figures emphasizing the company’s growth. The company leaked reduced guidance in the tweet, which prompted the selloff of its stock. 

After removing its tweet, Affirm officially posted “Due to human error, a small portion of Affirm’s fiscal Q2 results were inadvertently tweeted from Affirm’s official Twitter account earlier today.Ooof. 😅

$AFRM is down 1.18% in afterhours.

Learn More About...

More in   Earnings

View All

Buyers Move Beyond Tech

Animal spirits have been a big theme of this newsletter since October, and boy, are things getting wild. While the mainstream media continues focusing on tech giants like Nvidia, investors and traders are searching far and wide for new opportunities to squeeze the shorts and make a killing. 🕵️‍♂️

Today’s surefire sign of this speculative fervor building in the market is everyone’s favorite non-meat meat stock, Beyond Meat. 🫨

Read It

Zoom Avoids Doom (Again)

Zoom Video Communications hasn’t made headlines for many good reasons lately, scraping the bottom of its range as a public company as investors look for other opportunities. However, the stock is jumping today on better-than-expected results, so let’s take a look. 👇

The video chat software vendor’s adjusted earnings per share of $1.22 on $1.15 billion in revenues topped expectations of $1.15 and $1.13 billion. Revenue growth remains anemic, rising just 3% YoY, but the company’s cost-cutting has helped it drive positive earnings vs. last year’s loss. 

Read It

CrowdStrike Bucks The Cyber Selloff

After Palo Alto Networks and other cybersecurity stocks failed to meet expectations, the market highly anticipated CrowdStrike’s earnings after the bell. And unlike its peers, the company delivered big time, so let’s take a look. 👇

Adjusted earnings per share of $0.95 beat expectations of $0.82, while revenues of $845 million topped the $839 million anticipated. Notably, the firm has reported GAAP net income for the past four quarters, and management expects that trend to continue. 💵

Read It

Headline Vs. Reality (Media Edition)

One of the perplexing things about markets is that sometimes headlines don’t necessarily match the reaction in markets. And that was certainly the case today in struggling media giant Warner Bros. Discovery. 📰

The Hollywood Reporter wrote an article boasting that Warner Bros became the first Hollywood conglomerate to turn a full-year streaming profit ($103 million).  

Read It